UPDATE | Virgin Australia's Velocity frequent flyer status match against Qantas (and other competing airlines) offer closes at midnight tonight, Friday, 30 September.

If you're a Silver, Gold or Platinum member of the Qantas Frequent Flyer programme -- or similar status from almost any other frequent flyer program -- this is your last chance to get an equivalent level of membership to Virgin's Velocity Rewards scheme, which is packed with benefits.

So move fast, and we mean fast – there are only hours left to take advantage of this very rare and very valuable promotion!

Head over to Virgin's website, drop into any Virgin Australia airport lounge or call at the pop-up store in Sydney's Westfield shopping mall.

Previously

Virgin Australia is wooing Qantas' motherlode of business travellers and frequent flyers with a rare 'status match' deal for the challenger's competing Velocity Rewards program.

If you hold silver, gold or platinum status with the Qantas Frequent Flyer program -- as well as other competing airlines -- Virgin Australia will provide you with one year of equivalent status under its Velocity Rewards scheme.

The offer is free but runs for a limited time. While Virgin hasn't put an end date on the promotion the offer is 'capped', suggesting  it has a maximum number of free memberships available. (In the past, promotions like this have quickly been closed quickly due to strong demand.)

Frequent flyer schemes are a cornerstone of attracting business travellers due to perks such as lounge access, increased luggage allowances, upgrades and even increased point earning based on the member's 'status' level.

The promotion coincides with the launch of Virgin Australia's new Velocity Platinum tier, which lines up against Qantas Frequent Flyer Platinum (which Qantas intends to one-up through its forthcoming Platinum One level).

The status match deal is also open to airlines beyond Qantas, with Virgin Australia promising to "match the status of tiered members of any competitor frequent flyer program, providing them with the equivalent Velocity status for 12 months."

There's a small footnote on the announcement, specifying that members of Virgin's airline partners (Air New Zealand, Delta, Etihad, Singapore Airlines & Virgin Atlantic) will not get a direct status match with Virgin Australia, as they would already have access to equivalent Velocity status through alliance agreements.

You can apply for your status match at Virgin's website, as well as at Virgin Australia airport lounges (above) and even a 'pop-up store' in Sydney's Westfield shopping mall (below).

You'll need your most recent frequent flyer monthly statement or a scanned copy of your current frequent flyer card, with either one clearly showing date of validity and your current status level.